Newport Beach, CA (April 26, 2021) – Waterford Property Company (Waterford) a diversified real estate investment and development company, in partnership with the California Statewide Communities Development Authority (CSCDA) has announced the acquisition of a 507-unit luxury multifamily community, Altana, located at 633 N. Central Ave. in Glendale. This transaction is the largest community to date to be acquired as part of CSCDA’s innovative middle income housing program. It is also the largest multifamily transaction in the state of California for 2021, according to CoStar.
The community was acquired by Waterford, as property administrator, with CSCDA, for $300 million, which is just under $591,716 per unit, to convert to essential housing. In partnership with CSCDA, Waterford has now acquired four multifamily communities since the start of the year as part of a workforce housing finance program created in 2020 by CSCDA.
Using tax exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies to provide much needed housing for the middle-income workforce demographic. Upon taking ownership, Waterford and CSDA will be able to immediately lower rents for qualified new residents making between 80% and 120% of the area median income. Current tenants who qualify can participate in the program during lease renewals.
“We’re providing a housing solution for California cities. This program benefits essential workers such as teachers, police officers, firefighters, and others who are important to the fabric of a community, yet many times can’t afford to live in the very cities they serve,” said Sean Rawson, co-founder, Waterford Property Company.
“This program is just being rolled out across California but we’re already realizing its benefits since the reduced rent can be put into place immediately. We’re excited about what this means for Glendale as it helps provide more diversity to the city’s housing stock,” added John Drachman, co-founder, Waterford Property Company.
Built in 2017, Altana features more than an acre of private open space, rooftop pools, a beautifully landscaped zen garden and yoga room, among other amenities.
Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented Waterford and CSCDA in the transaction.
Waterford Property Company is a diversified real estate investment and development company with an established track record in the acquisition and development of over $1.2 billion in multifamily and commercial properties. Its expertise includes entitling large mixed-use projects throughout Southern California, repositioning existing commercial properties as well as the development of a variety of affordable housing projects. It is led by its co-Founders John Drachman and Sean Rawson.
CSCDA is a joint powers authority founded by the League of California Cities and the California State Association of Counties in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 530 cities, counties and special districts, and has issued more than $65 billion through 1,700 plus transactions across its diverse public benefit financing programs.
